France to transform as global tech hub

France, which has Europe’s second-largest venture capital ecosystem, is vying to transform the entire country into a start-up incubator.

The government of President Francois Hollande has unveiled an ambitious “French Tech” initiative backed with 215 million euros ($236 million) in funding, aimed at harnessing countrywide entrepreneurship and global competitiveness in the information communications technology, e-commerce and innovative industries, as well as med-tech, bio-tech and clean-tech sectors.

The ecosystem will consist of entrepreneurs, investors, engineers, designers, developers, bloggers and journalists, as well as nongovernmental actors, small and medium-sized enterprises and public agencies.

The French Embassy in Seoul organized a networking opportunity Thursday to help companies on both sides develop potential partnerships. Seven French firms ― AT Internet, Cedexis, Kerlink, Kinomap, Oridao, Quarkslab and Transatel ― participated in the event.

“During a state visit to Korea in early November to mark the France-Korea year 2015-16, our President Francois Hollande and Korean President Park Geun-hye signed several agreements to push forward bilateral cooperation in innovation, technology and culture,” French Ambassador Fabien Penone said in a speech.

As part of the action plan, Hollande in Seoul announced the creation of the French Tech Hub, a start-up ecosystem launched by the French Ministry of Economy, Industry and Digital Affairs and directed by the Mission French Tech. The Halle Freyssinet in Paris will open in 2017 as the world’s largest incubator, supporting over a thousand start-ups.

Several initiatives have been launched under the framework, including the “French Tech Hub” designed to create global partnerships in major cities; the “French Tech Tour,” which organizes overseas business trips for French ICT companies; the “French Tech Ticket,” a 30,000-euro program for foreign entrepreneurs to establish start-ups in Paris; and “French Tech Days,” which presents the latest French technologies and innovation worldwide.

In Korea, French Tech Hub Seoul will officially launch in March next year, along with French Tech Days also in March, a financial technology seminar in May, a French pavilion at the Robot World Exhibition in October and the French Tech Tour in December.

Park Jin-kyu, the director general of the trade policy bureau at Korea’s Trade, Industry and Energy Ministry, said in a speech that the two countries have expanded cooperation over the years, starting with the aviation industry in the 1970s, followed by nuclear energy in the 1980s, high-speed trains in the 1990s and defense into the 2000s.

The two governments are now collaborating on autonomous vehicles, nanotechnology and digital health care industries, part of efforts to bolster the creative economy drive for quality jobs, he added.

By Joel Lee (joel@heraldcorp.com)